[[{“value”:”
Toll Brothers has purchased a development site at 118 Tenth Avenue in Manhattan’s West Chelsea neighborhood, paying $53,000,000 to private seller Benny Barmapov. Adirondack Capital Partners (ACP), a boutique capital markets advisory firm, announced the transaction and said it served as exclusive advisor to the seller. The advisory team was led by Michael Hunter Coghill and Chad Sinsheimer of ACP.
The site is located on Tenth Avenue between West 17th and West 18th streets, directly alongside the High Line, positioning it within one of Manhattan’s most established residential and mixed-use districts. According to ACP, the parcel is considered one of the last largely undeveloped properties in the immediate West Chelsea area, underscoring its scarcity value for developers seeking well-located land in the submarket.
The property offers the potential for an approximately 85,000-square-foot residential condominium project. Prior development concepts for the site focused on office and mixed-use uses, with plans filed as recently as 2019. Those earlier strategies have given way to a new focus on residential, as market conditions and demand patterns have shifted in favor of housing.
Coghill said the closing demonstrates that institutional investors remain engaged in New York City development opportunities, particularly in proven live-work-play neighborhoods. He noted that West Chelsea has established itself as a long-term destination for residential and mixed-use investment, and characterized Toll Brothers’ acquisition of 118 Tenth Avenue as a reflection of the area’s durability and continued appeal to leading developers.
The transaction highlights ongoing investor interest in well-located land sites near key urban amenities such as the High Line. While detailed development plans were not disclosed, ACP’s comments and the zoning potential of the site point to a future condominium project that would add new residential supply in a submarket with limited remaining development parcels.
The sale also illustrates how evolving demand dynamics can pivot a property’s highest and best use. In this case, a site previously targeted for office and mixed-use development is now positioned for residential condominium product, aligning the asset with stronger housing fundamentals in West Chelsea and broader New York City.
“}]]
